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Additional relevant findings of the April 2017 Citi Habitats rental report are outlined below. Please note: as of August 2016, our firm now tracks average and median monthly rents for 14 Brooklyn neighborhoods.
- In April 2017, the average monthly rental price for a Manhattan studio was $2,342. For one-bedroom homes, the average was $3,154. For two-bedrooms, the average rent was $4,127. Finally, the average three-bedroom apartment rented for $5,354.
In comparison, Brooklyn studio apartments (in the 14 neighborhoods studied) rented for $2,267 per month on average. For Brooklyn one-bedrooms, the average rent was $2,851, while rents for two- and three-bedrooms clocked in at $3,732 and $5,049, respectively.
The most expensive Manhattan neighborhood for renters in April 2017 was SoHo/TriBeCa, with a median rent of $5,997. Gramercy/Flatiron was the second- priciest area – with a median rent of $4,535.
For Brooklyn, DUMBO was the most expensive neighborhood in April, with a median rent of $4,675, followed by Downtown Brooklyn, where the median rent was $3,595
Manhattan rents were lowest in April 2017 in Washington Heights, with a median rent of $2,275. When examining neighborhoods below 96th Street, The Lower East Side was the least expensive neighborhood for renters with a median rent of $3,135.
Bedford-Stuyvesant, with a median April rent of $2,450, was the least-expensive Brooklyn neighborhood tracked in our report – followed by Bushwick, where the median rent was $2,590.
- With a vacancy rate of 1.36%, Gramercy was the Manhattan area with least inventory in April 2017, followed by SoHo/TriBeCa at 1.42%. On the other end of the spectrum, the vacancy rate was highest in the West Village. Last month, 2.18% of rental units in the neighborhood were vacant. Chelsea had second-highest percentage of available homes, with a vacancy rate of 2.13%.
“In April, we noted three positive signs for landlords,” explained Gary Malin, President of Citi Habitats. “Although their rise slowed when compared March, rents continued to hold steady – and were up slightly overall. Meanwhile, the Manhattan vacancy rate declined to the lowest level since August of last year, while the percentage of leases that offered a concession also fell. We are beginning to enter a traditionally busy time of year, so it will be interesting to see if market conditions continue to shift as we enter summer.”
Click the image above to access the full report